A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.

Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.

No more pretax contribution to your retirement.

This is dumb on so many levels that you have to know it was proposed by a Democrat from California.

The leftist Democrats do not want workers to ever become independently wealthy. Too many average Americans are retiring with a million dollars in their 401(k)'s, so they need to kill that while they have the chance.

Virtually every American would have over a million dollars in retirement money at age 65 if they had put all the social security taxes that were collected into a 401(k), even with the big drop we are currently experiencing in the stock market. Do you think you will see a million dollars worth of value from social security?

SpinnerMan wrote:Virtually every American would have over a million dollars in retirement money at age 65 if they had put all the social security taxes that were collected into a 401(k), even with the big drop we are currently experiencing in the stock market. Do you think you will see a million dollars worth of value from social security?

I've always had a problem with Social Security, especially since I'm relatively young. I honestly don't think they realize that with inflation and everything else going on in the economy, young adults will probably need between 3-5 million dollars to retire and live comfortably.

That seems like a lot of money by today's standards, but will it be 30-40 years from now?

It's a fact that 70 percent of the people who purchase heavier tackle do so with the categorical I just lost a huge snook! Einstein Hairdo.The other 30 percent have either Tarpon Fever or are sporting a hand cramped into a claw from a deepwater grouper.